Posted on: 11th Jul, 2010 06:44 pm
hello,
i have read a lot of good info on here and about to embark on my own quest.
i like many here am going through a divorce and the only thing i am looking for in all of it is to just get my name off my ex's mortgage. we are financed through chase and the house is upside down, by about 45k roughly in my estimation, and i unfortunately found out before we decided to end things that i was never on the deed, only the mortgage. long story there but aren't they all? lol
anyway, we are living apart and she is still in her house but my name is stuck on the mortgage. the two main things i am asking are mainly, is novation my only option to try and get free of the responsibility of her mortgage since she can't re-fi with the house underwater? not to mention does anyone know if chase even does novation?
the other question i have is my ex. is applying for the "obama package" to get a lower rate since it's now hard for her to pay the mortgage alone. we have always been in good standing so of course she got denied but she has been instructed to get approved, to miss a payment or two to show the hardship however as we all know, that will affect her credit, and mine as well since i am still on the mortgage/ oddly enough, we are not legally divorced yet but she has still gone through the initial applications and will be soon again after she misses a couple of payments. she has been doing this on her own and i have not had to sign anything with it according to her which i find odd since i am on the mortgage as well. i don't want her to miss the payments since my credit will get affected but does anyone know if this is legal for her to apply for this without my signatures?
thanks.
i have read a lot of good info on here and about to embark on my own quest.
i like many here am going through a divorce and the only thing i am looking for in all of it is to just get my name off my ex's mortgage. we are financed through chase and the house is upside down, by about 45k roughly in my estimation, and i unfortunately found out before we decided to end things that i was never on the deed, only the mortgage. long story there but aren't they all? lol
anyway, we are living apart and she is still in her house but my name is stuck on the mortgage. the two main things i am asking are mainly, is novation my only option to try and get free of the responsibility of her mortgage since she can't re-fi with the house underwater? not to mention does anyone know if chase even does novation?
the other question i have is my ex. is applying for the "obama package" to get a lower rate since it's now hard for her to pay the mortgage alone. we have always been in good standing so of course she got denied but she has been instructed to get approved, to miss a payment or two to show the hardship however as we all know, that will affect her credit, and mine as well since i am still on the mortgage/ oddly enough, we are not legally divorced yet but she has still gone through the initial applications and will be soon again after she misses a couple of payments. she has been doing this on her own and i have not had to sign anything with it according to her which i find odd since i am on the mortgage as well. i don't want her to miss the payments since my credit will get affected but does anyone know if this is legal for her to apply for this without my signatures?
thanks.
Hi Gary1970
"if this is legal for her to apply for this without my signatures?
"
Yes, it is legal because she is on deed and mortgage as well and she is still your spouse legally.(because you haven't signed the documents for divorce yet)
As far as novation is concerned your lender should approve this, your wife should agree with it and then only it can be accomplished.In order to get the novation, you need to find someone (may be your wife's parents) who are willing to take over the loan along with her and then only with the consent of all the parties involved novation can take place.
DIPA
"if this is legal for her to apply for this without my signatures?
"
Yes, it is legal because she is on deed and mortgage as well and she is still your spouse legally.(because you haven't signed the documents for divorce yet)
As far as novation is concerned your lender should approve this, your wife should agree with it and then only it can be accomplished.In order to get the novation, you need to find someone (may be your wife's parents) who are willing to take over the loan along with her and then only with the consent of all the parties involved novation can take place.
DIPA
Thanks Dipa,
OK, so if I am understanding you correctly, she can legally apply for the Obama plan without my signatures because she is still legally married to me at this point and time?
There should be no problem with her agreeing to Novation as she wants me off the mortgage as much as I do even though it doesn't impact her at all having my name on there but if the only way to achieve Novation is to find someone else to assume responsibility with her on the loan, that will be a problem. I am hoping the lender would agree to do it to have her the sole responsibility.
OK, so if I am understanding you correctly, she can legally apply for the Obama plan without my signatures because she is still legally married to me at this point and time?
There should be no problem with her agreeing to Novation as she wants me off the mortgage as much as I do even though it doesn't impact her at all having my name on there but if the only way to achieve Novation is to find someone else to assume responsibility with her on the loan, that will be a problem. I am hoping the lender would agree to do it to have her the sole responsibility.
hi gary!
welcome back to forums!
as the property is underwater, it would be difficult for your wife to qualify for a novation or refinance. when your name is mentioned on the mortgage docs, your wife cannot sign the loan modification docs alone. the lender will require your signature on the required docs as well.
feel free to ask if you've further queries.
sussane
welcome back to forums!
as the property is underwater, it would be difficult for your wife to qualify for a novation or refinance. when your name is mentioned on the mortgage docs, your wife cannot sign the loan modification docs alone. the lender will require your signature on the required docs as well.
feel free to ask if you've further queries.
sussane
Such complications - I am in agreement that novation is not a likely prospect; lenders don't typically seek ways to let someone off the hook when they're obligated on a debt. In addition, your wife cannot transact any business at this time with the current lender without your involvement. She can, certainly, seek out other lenders from whom to borrow, as she is the sole owner of the home. Your involvement would only be necessary when dealing with the current lender.
